Saudi Aramco Aims to Begin IPO in November

The Saudi Aramco logo pictured at the company's oil facility in Abqaiq, Saudi Arabia, October 12, 2019. (Reuters)
The Saudi Aramco logo pictured at the company's oil facility in Abqaiq, Saudi Arabia, October 12, 2019. (Reuters)
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Saudi Aramco Aims to Begin IPO in November

The Saudi Aramco logo pictured at the company's oil facility in Abqaiq, Saudi Arabia, October 12, 2019. (Reuters)
The Saudi Aramco logo pictured at the company's oil facility in Abqaiq, Saudi Arabia, October 12, 2019. (Reuters)

Saudi Aramco aims to announce the start of its initial public offering (IPO) on November 3, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors.

Aramco will start subscription for investors in its initial public offering on December 4, Al-Arabiya news channel said in a news flash on Tuesday citing sources.

The oil giant plans to announce the transaction’s price on November 17, it added. The company will begin trading on the local stock market, the Tadawul, on December 11, the broadcaster reported.

Aramco, in response to queries by Reuters, said on Tuesday the oil company “does not comment on rumor or speculation. The company continues to engage with the shareholders on IPO readiness activities. The company is ready and timing will depend on market conditions and be at a time of the shareholders’ choosing.”

The company will soon have more shareholders from institutions, the head of the Saudi Public Investment Fund, Yassir al-Rumayyan, said.

Al-Rumayyan, also chairman of Aramco’s board of directors, was speaking at a panel at the Future Investment Initiative that kicked off in Riyadh on Tuesday.



Egypt to Establish Middle East’s 1st Sodium Cyanide Plant for Gold Extraction

CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed el-Gawsaky, received a delegation from DrasChem Specialty Chemicals (Egyptian Cabinet)
CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed el-Gawsaky, received a delegation from DrasChem Specialty Chemicals (Egyptian Cabinet)
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Egypt to Establish Middle East’s 1st Sodium Cyanide Plant for Gold Extraction

CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed el-Gawsaky, received a delegation from DrasChem Specialty Chemicals (Egyptian Cabinet)
CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed el-Gawsaky, received a delegation from DrasChem Specialty Chemicals (Egyptian Cabinet)

The Egyptian government has announced the establishment of the first sodium cyanide production plant in the Middle East in Alexandria Governorate on the Mediterranean coast, with an annual production capacity of 50,000 tons and investments of $200 million in the first phase.

In a statement, the cabinet said on Saturday that CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed el-Gawsaky met with a delegation from DrasChem Specialty Chemicals, a Private Free Zone company, to discuss the steps required to establish the company’s sodium cyanide production facility at the Sidi Kerir Petrochemicals Complex in Alexandria.

The DrasChem project plans to begin production in 2028 following the completion of the facility’s first phase, with initial investments estimated at $200 million. This phase targets the production and export of 50,000 tons of sodium cyanide annually, a key input in gold extraction.

The second phase will focus on either doubling production capacity or manufacturing additional sodium cyanide derivatives, while a third phase will target the production of sodium-ion battery components.

El-Gawsaky said the project aligns with the country’s developmental priorities, particularly those related to increasing exports, transferring and localizing advanced technology, deepening local manufacturing and creating sustainable job opportunities.

The CEO also noted that the plant would benefit from the results of Egypt's economic reform program, which has caused significant improvements in investment, trade, and logistics indicators.

El-Gawsaky urged Egyptian companies, including DrasChem, to adopt integrated, export-oriented industrial strategies, with a particular focus on African markets.

He said the Ministry of Investment and Foreign Trade aims to increase exports by $4 billion. The focus will be on sectors with high competitive advantages, particularly the chemicals sector.

He also highlighted that DrasChem’s sodium cyanide products are of strategic importance to gold mines in Africa, which account for about a quarter of global gold production.

Bassem El-Shemmy, Vice President for Strategic Partnerships at Austria-based Petrochemical Holding GmbH, the largest shareholder in DrasChem, said project partner Draslovka of the Czech Republic will, for the first time, transfer its proprietary technology - developed at its facilities in the US - to Africa and the Middle East.

This move, he said, will help position Egypt as a regional hub for gold extraction technologies and sodium-ion battery manufacturing, a more sustainable and cost-effective alternative to lithium-ion batteries.

For his part, Andrey Yurkevich, Deputy Managing Director for Strategy and Business Development at Petrochemical Holding GmbH, said the DrasChem facility will create up to 500 direct jobs and generate approximately $120 million in annual foreign-currency revenues.

He said that the project will enhance the stability and sustainability of local supply chains and strengthen Egypt’s regional standing as home to the first sodium cyanide production facility in both Egypt and the Middle East.


Türkiye Says to Maintain Tight Monetary Policy, Fiscal Discipline

FILE PHOTO: People shop at a green market in Istanbul, Türkiye, October 22, 2025. REUTERS/Dilara Senkaya/File Photo
FILE PHOTO: People shop at a green market in Istanbul, Türkiye, October 22, 2025. REUTERS/Dilara Senkaya/File Photo
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Türkiye Says to Maintain Tight Monetary Policy, Fiscal Discipline

FILE PHOTO: People shop at a green market in Istanbul, Türkiye, October 22, 2025. REUTERS/Dilara Senkaya/File Photo
FILE PHOTO: People shop at a green market in Istanbul, Türkiye, October 22, 2025. REUTERS/Dilara Senkaya/File Photo

Türkiye will maintain its tight monetary policy and keep fiscal discipline in order to further lower inflation, Vice President Cevdet Yilmaz said on Saturday.

Turkish consumer price inflation leapt to a higher-than-expected 4.84% month-on-month in January, official data showed on Tuesday, driven in part by new year price adjustments and a jump in food and non-alcoholic drinks prices. Annual inflation dipped to 30.65%.

Speaking at an event in the southeastern province of Siirt, Yilmaz said ⁠the 45-point fall in inflation since May 2024 was not enough, adding the government was on a path to further lower consumer prices.

"We will maintain our tight monetary policy, we will keep our disciplined fiscal policies, we are determined to do this. But ⁠these are not enough either. On the other hand, we have to contribute to our battle with inflation through our supply-side policies," he added, according to Reuters.

Last month, Türkiye's central bank lowered its key interest rate by a less-than-expected 100 basis points to 37%, citing firming inflation, pricing behavior and expectations that threaten the disinflation process.

After a brief policy reversal early last year due to political turmoil, the bank's ⁠rate-cutting cycle resumed in July with a 300-basis-point cut, followed by more subsequent cuts.

The bank has eased by 1,300 points since 2024, when it held rates at 50% for most of the year to wrestle down inflation expectations.

Last month, the head of the Turkish Exporters Assembly told reporters late that Türkiye's extended period of tight economic policies had hurt manufacturers, with high interest rates and costs posing risks to the country's official $282 billion export target.


US Concerned About Expansion of Terrorism in Sahel, West Africa

Members of the Nigeria Armed Forces interact with residents following an attack in Woro, Kwara State, on February 5, 2026. (Photo by Light Oriye Tamunotonye / AFP)
Members of the Nigeria Armed Forces interact with residents following an attack in Woro, Kwara State, on February 5, 2026. (Photo by Light Oriye Tamunotonye / AFP)
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US Concerned About Expansion of Terrorism in Sahel, West Africa

Members of the Nigeria Armed Forces interact with residents following an attack in Woro, Kwara State, on February 5, 2026. (Photo by Light Oriye Tamunotonye / AFP)
Members of the Nigeria Armed Forces interact with residents following an attack in Woro, Kwara State, on February 5, 2026. (Photo by Light Oriye Tamunotonye / AFP)

The United States is concerned by the “expansion” of al-Qaeda affiliates in the Sahel and West Africa, including Jama'at Nusrat al-Islam wal-Muslimin (JNIM) and ISIS-Sahel’s territorial gains.

US Ambassador to the United Nations Mike Waltz shared the concern in his remarks at this week’s UN Security Council Briefing on Terrorist Threats to International Peace and Security caused by terrorist acts.

Highlighting JNIM and ISIS-Sahel’s territorial gains and use in particular of kidnapping for ransom, Waltz said the threats are increasingly diffuse and complex as they involve foreign fighters converging in multiple conflict zones.

The diplomat cited the latest Analytical Support and Sanctions Monitoring Team report, which showed that terror cells continue to adapt and exploit instability across Africa, the Middle East, and South Asia.

Waltz said ISIS’ growing focus on Africa, and the resilience of its cells in Syria and Iraq, and the persistent threat from ISIS-K in Afghanistan, truly reinforces the need for sustained, coordinated counterterrorism efforts.

Washington is particularly concerned by terrorist groups’ exploitation of new technologies, such as commercial satellite communications, artificial intelligence, drones and cryptocurrencies, he said.

“All of these further complicates the threat landscape and it requires our vigilance, vigilance from Member States and particularly where I think there is room for all of us to improve – is our coordination with the private sector as we face this threat,” Waltz added.

The ambassador called for further disruption of terrorist financing networks, saying the recent successes in Somalia and in West Africa demonstrate that following the money and stopping the money to these various groups can have bold decisive effects.

He said the US commends UN Member States whose counterterrorism operations have constrained ISIS and al-Qaeda, especially in Iraq, Syria, and Somalia.

He also urged all states to strengthen cooperation, including intelligence sharing and joint operations, and to support the effective implementation and evolution of the 1267 sanctions regime.

“Member States should collaborate on screening and information sharing to prevent terrorist movement across borders, in support of UN Security Council Resolution 2396,” Waltz noted.

Last November, the United Kingdom, which currently chairs the UN Security Council, expressed similar concern about the proliferation of terrorist groups in the Sahel and West Africa.

The US has sent a small team of troops to Nigeria, the general in charge of the US command for Africa said on Tuesday, the first acknowledgment of US forces on the ground since Washington struck by air on Christmas Day.

General Dagvin RM Anderson, head of the US military's Africa Command AFRICOM, said the US team was sent after both countries agreed that more needed to be done to combat the terrorist threat in West Africa.

“That has led to increased collaboration between our nations to include a small US team that brings some unique capabilities from the United States,” he told journalists during a press briefing in Dakar on Tuesday.